Banking Times: Daily Banking News (Free subscription) | 21 hours ago
The chief executive of the Financial Services Authority (FSA) has warned that there needs to be “genuine cultural and behavioural change” within the UK financial services sector. Speaking in London yesterday, Hector Sants referred to the FSA’s “radical new intensive supervisory regime” and challenged financial firms to bring in changes that “provide the outcomes...
Times Online (Free subscription) | yesterday
Regulators will veto the appointment of senior bankers who are deemed not ethical enough, the Financial Services Authority (FSA) it announced today.
The Independent (Free subscription) | yesterday
Mr Sants said the FSA, which has itself faced criticism for a lack of action during the financial crisis, had introduced a number of reforms. But he argued that there was a limit to what it could do. "Real reform requires both change to the regulatory rules and change to the industry's culture," he said. The Conservatives have pledged to abolish the FSA if they form the next government but Mr Sants...
Corporate Law and Governance (Free subscription) | yesterday
The chief executive of the Financial Services Authority , Hector Sants , delivered a speech yesterday titled Intensive Supervision: delivering the best outcomes . Mr Sants used his speech to defend the current tripartite regulatory structure and to make the case for cultural change within regulated firms. Regarding the latter, Mr Sants envisaged a greater role for the FSA with regard to the assessment...
Finance Markets (Free subscription) | yesterday
The Financial Services Authority’s (FSA) chief executive is calling for ethical behaviour within the financial world. Hector Sants, chief executive of the City regulator, said he is “unconvinced” that top executives have accepted the need to change and operate in a different manner following the financial crisis that rocked the world. In a speech to the City, [...]
Financial Times (Free subscription) | yesterday
Only 247 new banks, brokers and insurance firms have sought authorisation from the Financial Services Authority in the three months to September 30, while 643 firms cancelled their registration
Scotsman.com (Free subscription) | yesterday
During a speech to a City audience, Hector Sants, chief executive of the Financial Services Authority, questioned whether financial firms had changed their ways, and said that this would influence the FSA's tougher regulatory approach.Santssaid: "There remains, I believe, an absence of the acceptance of collective responsibility for what has happened."I personally remain unconvinced that all senior...
Royal Dutch Shell plc .com (Free subscription) | 11/08/2009
The Financial Services Authority (FSA) has fined UBS £8 million for weak controls that allowed staff in its private bank to make thousands of unauthorised trades with clients’ money and then hide the losses. It is the third-largest fine awarded by the FSA.
DealBreaker (Free subscription) | yesterday
The banks that stayed afloat with billions in government bailout money are laughing, well, all the way to the bank. And Britain's top financial services regulator says that's got to change. "There remains, I believe, an absence of the acceptance of collective responsibility for what has happened," Hector Sants of the Financial Services Authority opines today. "I personally remain unconvinced...
The Telegraph (Free subscription) | yesterday
By Louise Armitstead Published: 6:52PM GMT 09 Nov 2009 Hector Sants, the chief executive of the Financial Services Authority The chief executive of the Financial Services Authority (FSA) said that although the watchdog does “not presume that the companies we regulate have learned the lessons of the past”, the “development of the right industry culture has not been adequately addressed” by regulators....
Independent.ie - European RSS Feed (Free subscription) | yesterday
... have their roots in issues of culture and behaviour," he added.Mr Sants also warned that the FSA would continue its approach even as the economy begins to recover.He said: "Regulators must be able to 'go against the tide'. Politicians, and the industry, must resist temptation to apply pressure to return to 'light touch' regulation and row back the results intensive supervision is delivering."Press...
Reuters UK (Free subscription) | yesterday
... can assure you, simply drawing the line elsewhere will only create another set of problems," FSA Chief Executive Hector Sants said in a speech."More generally, there remains the possibility of tougher times to come for those we regulate. Now is not the time therefore to be diverting resource to looking at 'structural questions'."He said the debate on institutional change should take account of...
Independent.ie - European RSS Feed (Free subscription) | 11/08/2009
The City watchdog is probing the "accuracy and completeness" of information given to investors by ailing bank HBOS before its rescue by Lloyds TSB last year, it has emerged.
The Truth About Obesity (Free subscription) | 11/08/2009
BBC News reports that campaigners are concerned that proposed branded follow-on milk adverts are simply a way of getting around the ban on promoting milks for younger babies. Obviously the healthiest, most suitable food for young babies is their mother’s milk. It contains the nutrients the baby needs and it changes its composition with the passage [...]
The Telegraph (Free subscription) | 11/06/2009
One person has been arrested and £350000 has been frozen as part of an investigation by the Financial Services Authority FSA into alleged "boiler room" fraud.
